Jun 27 2009
The Banks Will Soon Be Running Scared
With the nation on pace for over 3,000,000 foreclosures for the second straight year, and over half of all properties sold at foreclosure auction going back to the banks, lenders are willing to modify loans now more than ever. If you are in an adjustable rate note, the lender will offer you a fixed rate. If you have a fixed rate of 8 percent, the lender will offer you 4 percent. In some cases, the lenders are even reducing the principal on loans that are more than fifty percent upside-down from their original appraised value. Your lender wants to modify your loan and keep you in your home, but they dont have enough time or manpower right now to get it all done and help you modify. This is where you need to help yourself.
The court systems are currently overrun with foreclosure filings and the rash of budget cutbacks have forced them to layoff over half of the clerks working at the courthouses. This means that any filings in defense of a foreclosure will delay the foreclosure from being entered at an exponential rate. For a foreclosure proceeding in which the borrower does not file any responsive pleadings, the judgment will be entered againts the borrower and the property is often sold at auction before any loss mitigation or loan modificatioon can be completed.
However, if you file affirmative defenses, motions for extension of time, requests to produce, and the like, you can stall your foreclosure for anywhere from 18 months to 5 years, depending on how you use the legal system and how you time your filings. This is plenty of time to work out a loan modification or short sale, or even to save up enough money that you can move into a nicer home at a lower price without ruining your credit. It might sound impossible, but it is actually quite easy if you know what you are doing. Learn the exact procedure and download the necessary forms at www.ForeclosureDefenseSecrets.com. You can save your home!
